USDJPY reaches the topside trend line target.

Steps higher continue

The USDJPY has been stepping higher in trading today. The 200 hour MA was broken. The 100 hour MA was broken. Now the pair is up testing the topside trend line connecting the highs for the week (see earlier post targeting the level). That comes in at 112.65. We are currently just moving above that level.

What I like about the move, is the 100 hour MA did a good job of stalling the fall on the dip. That base (and MA) is now risk for longs looking for more upside.

A move higher will look toward the 112.735. That is the 38.2% of the October move lower and the high from yesterday.

Stocks are near highs for the day with the Nasdaq up 2.72% and the S&P up 1.81%.